Looking for a new source of income? Welcome to Market 365.

I’m Martin Rise, a stock trader and founder of Market 365. I’ve been involved in stock trading for 20 years and I know all ins and outs of the financial market. I hope my experience will help you destroy your debts, build your savings and accomplish your financial goals, whatever they are.

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Your pension may seem like a long way off for if you are a young adult starting your career or a student at university deciding your future. However, retirement age will come sooner than you think and it’s always sensible to plan ahead. Simply relying on a state pension will cause you to struggle later on in life. Here is a compiled list of 5 tips to help you plan for your retirement.

Expenditure review

The easiest way to start is to look at your current outgoings and then alter this to take into account items that will change after retirement (you may not need that gym membership later on or you will have to replace your company car with your own for example).

Consider an IRA

An IRA, or individual retirement plan, is a scheme that provides tax advantages for your retirement savings in the US. Website’s like Quest IRA enable you to open a self directed IRA, which permits the owner to invest the funds in their IRA into what they know best. There are different types of IRA, all with their own advantages, so make sure you do your research.

Make a list

Jot down your financial assets (not just the funds in your pension) which will, in future, generate an income, even if they are not doing so right now. This will mean you can calculate the possible income that could be available to you at retirement age.

Consider deferring your retirement

There are a lucky group of people who hit retirement age and can comfortably retire however there are others who have a bit of flexibility when it comes to the timing. If you find that money is tighter than you would prefer then it may be best to defer your retirement until the financial markets are improved.

Buying annuity, is it sensible?

Annuity is a type of investment or insurance that entitles the investor to a number of annual sums. The rates for this have dropped in recent years so if you don’t have to think about buying one yet it might be worth putting the idea on hold until the rates improve. This is a toss up, however, as you must be wary that the yields could fall further also.

Cash assets?

If retiring soon is on your mind then it’s important that you move your assets into cash, or close to cash, prior to your retirement date. In the current climate, annuity rates are low and equities have taken a dip in value. It’s sensible for your assets to be in cash to protect yourself from further falls in value when you are considering an annuity purchase.

Reign back on spending

In the current financial situation it might be smart to consider not buying that new sports car or taking that lavish, expensive holiday when you retire. The conditions of the market may dictate that you use it on more practical things such as funding your living expenses.